 "With the launch of the ~10,900 crore PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) and the ~3,435.33 crore PM-eBus Sewa-Payment Security Mechanism (PSM) scheme, the industry is optimistic that these initiatives will sign")
This funding aims to support the company’s efforts to accelerate clean energy public transportation. Representative Picture
JBM ECOLIFE Mobility, a subsidiary of JBM Auto Limited, has secured $100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). The funds will be used to supply and operate approximately 650 electric buses across several Indian states under the gross cost contract model.
This funding aims to support the company’s efforts to accelerate clean energy public transportation in both urban and semi-urban areas. “The investment will help India transition to more sustainable mobility solutions,” JBM stated.
JBM currently operates over 1,500 electric buses across 10 states and more than 15 major airports in India. With an order book exceeding 6,500 buses, the company is one of the key players driving India’s e-mobility shift.
Nishant Arya, vice chairman and managing director of JBM Group, emphasized that the funding would bolster the company’s commitment to sustainable development and align with India’s Net Zero 2070 target. “Our electric buses will continue to lead India’s e-mobility momentum, bringing clean public mobility solutions to the grassroots level,” Arya said.
JBM’s Banchari plant in Palwal, Haryana, is recognised as the world’s largest dedicated electric bus manufacturing facility outside China, with a production capacity of 20,000 buses annually.
Suzanne Gaboury, director general of ADB’s Private Sector Operations Department, noted that ADB’s partnership with JBM Group would contribute to building a clean, safe, and inclusive public transport network in India. Established in 1966 and headquartered in Manila, Philippines, the ADB promotes economic growth and cooperation in the Asia-Pacific region, providing financial assistance, technical expertise, and policy advice to reduce poverty, improve infrastructure, and foster sustainable development.
Similarly, Najeeb Haider, director general of Global Project and Corporate Finance at AIIB, described the project as transformative, with a focus on accelerating the adoption of green energy solutions for public transportation. Founded in 2016 and headquartered in Beijing, AIIB focuses on financing infrastructure projects, such as transportation, energy, water supply, and telecommunications, to enhance social and economic outcomes in Asia.
Shares of JBM Auto Limited were trading at ₹2,014.45 on the NSE, down by 0.56 per cent at 2:05 pm.
In its latest quarterly results, JBM Auto reported a consolidated net profit of ₹33.54 crore for the first quarter ended June 30, marking an 11 per cent year-on-year increase. The company also highlighted its strong order book, valued at ₹45,000 crore, which is expected to drive growth in FY25, particularly through its original equipment manufacturer and tool-room divisions.
First Published: Sep 17 2024 | 2:50 PM IST